IXT, a core insurtech provider under Hong Kong-based tech firm AIFT, has partnered with Richmond Insurance Brokers to launch Taiwan’s first digital platform for commercial insurance.
This collaboration brings fresh momentum to the Taiwanese insurance market, offering small and medium-sized enterprises (SMEs) a more convenient and efficient way to access commercial insurance services, AIFT said in a statement on Monday.
This new digital platform brings together commercial insurance products from several well-known companies. These include cybersecurity insurance from MSIG Mingtai Insurance, public liability insurance for businesses and property managers from Hotai Insurance, and event liability insurance from Union Insurance.
Using IXT’s Launchpad platform, the usually complicated insurance process is now made much easier through digital tools. This helps simplify how quotes are given and policies are issued.
One highlight is the cybersecurity insurance from MSIG Mingtai Insurance, which is closely linked with Cymetrics, a cybersecurity risk assessment company under AIFT.
Small and medium businesses (SMEs) can submit their website domain to Cymetrics’ system, which scans and analyzes the site for risks. The insurance premium is then calculated automatically based on the risk level, making it a smarter and more personalized way to stay protected online.
“Our goal is to fundamentally transform the insurance experience — including commercial insurance — through our innovative solutions,” said Michelle Ip, Chief Executive Officer of AIFT Enterprise.
“With the Launchpad platform, we’ve not only digitized cumbersome insurance processes, but also established a powerful policy management system and rapid product update mechanism,
“This enables SMEs to complete their insurance purchase and enjoy protection seamlessly,” she added.
Kevin Kuo, General Manager of Richmond Insurance Brokers, added that commercial insurance has long been one of the most challenging areas to digitize.
“This partnership with AIFT allows us to offer our clients an unprecedented insurance purchasing experience,
“Especially for SMEs, being able to quickly and intuitively access the coverage they need greatly enhances both service efficiency and customer satisfaction,” he added.
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